QBE UK has published its Gender and Ethnicity Pay Gap Report for 2024, showing continued progress in reducing disparities within the organisation.
The report highlights declines in both mean and median gender pay gaps, which have reached their lowest levels since QBE began reporting in 2017.
The mean gender pay gap for 2024 stands at 20.4%, down from 21.9% in 2023 and significantly reduced from the 32.8% reported in 2017. This figure compares favourably to the insurance industry average of 34% and the financial services average of 29.8%.
For the fourth year, QBE has also reported its ethnicity pay gap. The mean ethnicity pay gap decreased to 4.5%, the lowest since the company began tracking this data in 2021.
Nikki Lees (pictured above), QBE EO people director, said that the company is making progress in reducing pay gaps for both gender and ethnicity, with figures moving closer to parity.
“We are committed to reducing the gap, whether that’s through our benefits, our partnerships, or our upskilling programme,” Lees said.
Representation data showed that women accounted for 50% of senior hires in 2024, compared to 42.1% of senior leavers. Additionally, 47% of promotions were awarded to women during the year.
Read More: QBE UK says bonus pay gap “remains an issue”
One area identified for improvement in both gender and ethnicity pay gaps is bonuses. While the mean gender bonus gap declined from 51.7% in 2023 to 47.7% in 2024, the median increased slightly from 42.2% to 44.3%. Similarly, the mean ethnicity bonus gap dropped from 40.8% in 2023 to 37.4% in 2024, but the median rose from 11.6% to 13.6%.
QBE attributed the bonus gaps to a lack of diverse senior representation, which remains a focus area for improvement. Lees acknowledged the challenges with bonus pay gaps and outlined QBE’s commitment to addressing the issue through strategic actions to promote inclusivity and representation.
QBE said that it has introduced several initiatives to support diversity and inclusion. These include offering up to 26 weeks of full paid parental leave regardless of gender identity or how employees become parents, a policy implemented in 2023.
The company has also strengthened its partnership with the ISC Group to support female leaders and continued its hybrid working policy to offer flexibility on when and where employees work.
Additionally, QBE has embedded inclusive hiring principles to attract diverse talent and has partnered with organisations such as Action Tutoring and the Insurance Cultural Awareness Network (iCAN) to promote broader participation in the insurance sector.
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